Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on October 26, 2016 indicate that Minnesota-based brokerage and advisory firm Ameriprise Financial Services Securities has submitted a letter of Acceptance, Waiver and Consent to settle alleged rule violations. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Ameriprise Financial Services (CRD# 6363).
Formed in Delaware in 1971, Ameriprise Financial Services is headquartered in Minneapolis, Minnesota and registered with 53 US states and territories. Joseph Sweeney is President, Chairman and Chief Executive Officer; Douglas Parish is Executive Vice President and Chief Compliance Officer; John Jujek is Executive Vice President and General Counsel.
According to FINRA records (AWC# 2014040269301), Ameriprise Financial Service has agreed to settle the following allegations: “Between October 2011 and September 2013… Ameriprise failed to detect and prevent the conversion, via nine wires, of more than $370,000 from five of its customers by one of its registered representatives. The conversion went undetected for two years because Ameriprise failed to establish, maintain and enforce a supervisory system that was reasonably designed to adequately review and monitor the transmittal of funds from accounts of customers to third parties, including those controlled by registered representatives of the firm. Ameriprise consequently violated NASD Rules 3010 and 3012 and FINRA Rule 2010.” The firm has consented to a censure and a fine of $850,000.
FINRA Rule 2010, for context, states that FINRA members must “observe high standards of commercial honor and just and equitable principles of trade.”
If you or someone you know has a complaint regarding Ameriprise Financial Services, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.